I want to ask if I exchange Rupees with Dollars and keep them until the price of Dollar goes up and when the price of Dollar goes up I exchange Dollars into Rupees and earn profit, Is it Halal?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to our understanding, you buy dollars in exchange of rupees at a cheaper rate and after taking possession of the dollars you sell it later at a higher rate.
If our understanding is correct, then it will be permissible to exchange rupees for dollars and vice versa. (1)
And Allah Ta’āla Knows Best
Anas Sharieff Qasmi
Student Darul Iftaa
Checked and Approved by,
Mufti Ebrahim Desai.
(1)بحوث في قضايا فقهية معاصرة:١/١٦٦
فيجوز إذن ان يباع الريال السعودى مثلا بعدد اكثر من الروبيات الباكستانية…
ولا خلاف في جواز التفاضل عند اختلاف الجنسين
This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.